Beatties' owner sees profits soar by 44pc

Department store giant House of Fraser, owner of Wolverhampton's Beatties, today unveiled rocketing profits as it defied widespread gloom on the high street.

The group said earnings at its 61-strong chain of stores and its online operations soared by 44 per cent to £85.7 million in the 12 months ending on January 29.

Overall sales were also up, by 2.3 per cent, to £1.1 billion, with like-for-like sales — the figures stripping out any new store openings in the last year — were up by 4.1 per cent.

Sales of its house brands such as Howick, Untold, Therapy and Linea increased by 50 per cent during the full year and in the last 13 weeks alone, rose 30 per cent.

Overall like-for-like sales over the last 13 weeks are up three per cent.

The company owns the Beatties store in Wolverhampton's Victoria Street — the only one of the once family-owned chain to retain the historic name over the door — as well as House of Fraser in Telford, Sutton Coldfield and Corporation Street in Birmingham.

Around 120 people are employed at the Wolverhampton store, which was founded by city draper James Beattie in 1877.

This excludes staff in store concessions. The former Beatties in Dudley was closed in January 2010 after 40 years with the loss of 76 jobs.